here’s what you’re looking for: anthony glomski and russ alan prince

client-focused business development in four steps.

by anthony glomski and russ alan prince

your $5-million high-net-worth practice

when it comes to working with the wealthy, all your expertise and all your firm’s capabilities and all the other top-notch experts you can bring to the table are “givens.” put another way … they are table stakes, and you must have table stakes to play. you absolutely need a top-of-the-line high-net-worth practice.

more: conviction + process + expertise = your next $5 million | a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
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as for your expertise, if you have a wealthy entrepreneur who wants to sell her business in a couple of years, there are some ways to mitigate capital gains and estate taxes. tax mitigation could come from the use of selected trusts or establishment of an offshore pension plan. the fact that you can do all these things does not inherently differentiate you from another quality accountant and many other high-caliber professionals. it most likely will separate you from many possible competitors, but they are not really the competition.
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this is your essential process.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

a lot goes into building a $5 million high-net-worth practice.

more: a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
exclusively for pro members. log in here or 2022世界杯足球排名 today.

it is a given that you will need wealthy clients. for most accountants, most of these wealthy clients are very likely to be successful business owners. but that is not always the case. you can potentially achieve your financial end goals with wealthy inheritors, for example.

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and what they need.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

by design, the clientele of an accounting firm’s high-net-worth practice is the wealthy, defined as having a net worth of $10 million or more.we know that with clients at this level of net worth, you can indeed build a $5 million high-net-worth practice.

more: a high-net-worth practice in four steps | don’t ignore life insurance | adultery and other messy situations | how to attract the super-rich
exclusively for pro members. log in here or 2022世界杯足球排名 today.

admittedly, the $10-million criterion is somewhat arbitrary. but in extensively researching the wealthy, coupled with “in the trenches experience,” clients with a net worth of $10 million or more consistently prove very rewarding for most accounting firms.
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it’s an important part of wealth management.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

a percentage of accounting firms have chosen to be compensated by delivering financial products – specifically investment management and life insurance. these firms see wealth management as a way to deliver greater value to clients. there are also solid business reasons for the decision, such as the profitability of wealth management practices, including the potential for consistent revenues.

more: adultery and other messy situations | how to attract the super-rich
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the best wealth management practices – anywhere – tend to be all about developing a deep understanding of their clients’ goals and concerns. with these insights, wealth managers evaluate how they can use the range of financial strategies and products to help their clients’ achieve their agendas.
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dealing with mistresses and mister-esses.

by anthony glomski and russ alan prince

the terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. all too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

more: smaller firms can excel as family office practices | trendwatch: new revenues in financial stress testing | become a thought leader | working with the super-rich and single-family offices | the family office model | the new way to get the best clients
exclusively for pro members. log in here or 2022世界杯足球排名 today.

family relationships are commonly impacted. for example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.
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make the boom in tax services work for you.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.

more: smaller firms can excel as family office practices | trendwatch: new revenues in financial stress testing | become a thought leader | working with the super-rich and single-family offices | the family office model | the new way to get the best clients
exclusively for pro members. log in here or 2022世界杯足球排名 today.

for a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.

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size doesn’t matter. interpersonal skills do.

by anthony glomski and russ alan prince
your $5-million high-net-worth practice

the accounting industry is comprised of several colossuses, many midtier firms and thousands of small firms. in a bustling economy, most smaller firms can do quite well. when times get more difficult, as they are today, all accounting firms are under pressure. nevertheless, they can still do exceptionally well.

more: trendwatch: new revenues in financial stress testing | family feud isn’t just a game show | personal wealth creation can be coached | the power of stress testing | guiding clients through covid
exclusively for pro members. log in here or 2022世界杯足球排名 today.

one of the keys to success for small accounting firms is being able to provide integrated solutions. while continuing to deliver compliance services, small firms can benefit from developing and highlighting high-demand, value-added advisory capabilities. they can then use these advisory capabilities to differentiate themselves effectively. many larger firms continue to grow because of their advisory services, and smaller firms can duplicate this same approach.
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